08/02/2012 | Press release

ComfortDelGro expands Australian operations through A$53 million bus acquisition

distributed by noodls on 08/01/2012 21:10

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COMFORTDELGRO EXPANDS AUSTRALIAN OPERATIONS THROUGH A$53 MILLION BUS ACQUISITION

2 August 2012 - ComfortDelGro Corporation, through its 51%-owned subsidiary, ComfortDelGro Cabcharge, is acquiring one of the largest private regional bus companies that has services operating into Canberra.
The proposed A$53 million acquisition of Deane's Bus Lines Pty Ltd and Transborder Express - both of which are part of Deane's Transit Group (DTG) - will further increase ComfortDelGro Cabcharge's (CDC) presence in the Australian land transport industry. CDC, which is a joint venture between ComfortDelGro and Cabcharge of Australia, also operates bus services in New South Wales and Victoria. Separately, ComfortDelGro also operates taxi services in Perth, Western Australia.
ComfortDelGro Managing Director and Group CEO, Mr Kua Hong Pak, said: "Since we entered the Australian market in 2005 through the acquisition of Westbus, we have experienced strong revenue and demand growth. Australia's strong economy and continued population growth has translated into ever-growing demand for transport services. We remain excited about prospects - not just in the cities we are in but in new regions as well."
DTG, which has been operating Government contract routes, school bus and charter services in New South Wales and Canberra for nearly 25 years, is based in Queanbeyan, which is located 10km east of Canberra and 250km southwest of Sydney. It has a fleet of
97 buses and operates out of two depots.

ComfortDelGro Corporation Limited

205 Braddell Road Singapore 579701 www.comfortdelgro.com

Co. Registration No.: 200300002K

Queanbeyan, which is a regional centre in the Southern Tablelands in south-eastern New South Wales and is adjacent to the Australian Capital Territory (ACT), has witnessed strong population growth of over 70% in the last 15 years with expectations that it will expand by another 50% in the next decade. About 70% of Queanbeyan's adult population works in Canberra, translating into strong travel demand for bus services.
The acquisition of DTG, which is subject to regulatory approval and due diligence, will cement CDC's position as the largest private bus operator in Australia with a total fleet of over 1,500 buses.
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Background

ComfortDelGro is one of the world's largest land transport companies with a total fleet size of over 46,400 buses, taxis and rental vehicles. Headquartered in Singapore, the Group also has operations in China, the United Kingdom, Ireland, Australia, Vietnam and Malaysia. The Group aims to derive 70% of its total revenue from overseas in the medium term.
Cabcharge is listed on the Australian Stock Exchange with a market capitalisation of more than A$600 million. It is a major financial services provider throughout Australia via the operation of its Cabcharge account facilities. It is also the country's largest taxi booking and despatch service provider.

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